Forex Market News Feed – USD/CAD Climbs on Strong U.S. Employment Report
The U.S. dollar climbed neighbouring door to its Canadian counterpart concerning Friday, helped by the forgive of sound U.S. employment excuse, though degrade oil prices dampened demand for the commodity-connected Canadian currency.
USD/CAD was uphill 0.76% at 1.2359 by 09:30 a.m. ET (13:30 GMT), the highest since January 30.
The greenback was boosted after the U.S. Department of Labor reported that the economy postscript 200,000 jobs in January, beating expectations for a 184,000 profit.
The unemployment rate remained unchanged at 4.1% this month, in line when expectations.
The report along with showed that average hourly earnings rose 0.3% in January, as conventional.
The greenback was already supported by the Federal Reserve, at the conclusion of its policy meeting upon Wednesday, signaled its confidence roughly inflation and accretion in the U.S.
The Fed said that inflation is likely to rise this year, boosting expectations for supplementary attraction rate hikes under incoming central bank head Jerome Powell.
Meanwhile, the Canadian dollar was weighed by a flaming in oil prices upon Friday, although losses were likely to be governor to profit-taking upon the commodity’s most recent gains.
The loonie was belittled beside the euro, subsequent to EUR/CAD going on 0.29% at 1.5396.
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